The Ethereum based KCC is through the use of Proof of Saked Authority. high performing and inexpensive
The leading cryptocurrency exchange KuCoin announced yesterday that it has officially launched the mainnet of its KuCoin Community Chain (KCC), a powerful, decentralized public chain.
KCC is an Ethereum-based chain developed by KuCoin and the KCS community with the aim of providing KuCoin users with a convenient way to make quick and inexpensive transactions.
The public chain was designed to address the performance and cost issues that have become more pressing with the explosion of decentralized applications (dapps). KCC achieves better performance and a block confirmation time of three seconds by using its Proof of Staked Authority (PoSA) consensus mechanism. At the same time, transaction costs are reduced because KCC uses KCS – the KuCoin token – as fuel.
KuCoin Global CEO Johnny Lyu stated: “We believe that blockchain technology will accelerate the flow of value around the globe. We see it as our mission and will go to great lengths to achieve it for the future. KCC is also an important step towards decentralization beyond integrating open source blockchain communities. We welcome the community members and enthusiasts of the blockchain world to hold hands and promote the development of KCC and blockchain technology. “
KuCoin will technically and financially support the early development of KCC, which aims to enable low-cost migration and development of Dapps. As such, the public chain is compatible with Ethereum and ERC-20 smart contracts.
KuCoin will migrate 100,000 KCS to the KCC mainnet, while the same number of ERC-20 KCS will remain blocked on the Ethereum network. There are also plans to move other mainstream crypto assets into the KCC ecosystem in the future and allow users to transfer assets themselves with the introduction of an asset cross-chain bridge.
After the start of the mainnet, KCC will introduce projects such as node voting and a scholarship program as part of its KCC eco-plan. This includes the development of KCC-based dapps and tools as well as various ecological on-chain applications such as decentralized exchanges, block browsers and wallets.